It is, however, appropriate to achieve more transparency, in qualitative or quantitative terms, on the remuneration policies of financial market participants and financial advisers, with respect to their investment or insurance advice, that promote sound and effective risk management with respect to sustainability risks whereas the structure of remuneration does not encourage excessive risk‐taking with respect to sustainability risks and is linked to risk‐adjusted performance. 1. The ESAs should be mandated, through the Joint Committee, to develop draft implementing technical standards to determine the standard presentation of information on the promotion of environmental or social characteristics and sustainable investments in marketing communications. When developing the draft regulatory technical standards referred to in the first subparagraph of this paragraph, the ESAs shall take into account the various types of financial products, their objectives as referred to in paragraphs 1, 2 and 3 and the differences between them as well as the objective that disclosures are to be accurate, fair, clear, not misleading, simple and concise. In order to reach the objectives of the Paris Agreement and significantly reduce the risks and impacts of climate change, the global target is to hold the increase in the global average temperature to well below 2 °C above pre‐industrial levels and to pursue efforts to limit the temperature increase to 1,5 °C above pre‐industrial levels. Member States may decide to apply this Regulation to insurance intermediaries which provide insurance advice with regard to IBIPs or investment firms which provide investment advice as referred to in paragraph 1. Transparency of sustainability risk policies. As a consequence, as regards the financial products with environmental or social characteristics, financial market participants should disclose whether and how the designated index, sustainability index or mainstream index, is aligned with those characteristics and where no benchmark is used, information on how the sustainability characteristics of the financial products are met. Financial market participants and financial advisers should have the option to use information in management reports and non‐financial statements for the purposes of this Regulation in accordance with that Directive, where appropriate. Where financial advisers deem sustainability risks not to be relevant, the descriptions referred to in the first subparagraph shall include a clear and concise explanation of the reasons therefor. By 10 September 2022 and every year thereafter, the ESAs shall submit a report to the Commission on best practices and make recommendations towards voluntary reporting standards. The ESAs shall, through the Joint Committee, develop draft regulatory technical standards to specify the details of the content and presentation of information referred to in paragraph 1. Points to be Considered regarding Disclosure by way of Foreign Company Registration Statements, etc. 4. By 30 December 2022, the Commission shall evaluate the application of this Regulation and shall in particular consider: whether the reference to the average number of employees in Article 4(3) and (4) should be maintained, replaced or accompanied by other criteria, and shall consider the benefits and proportionality of the related administrative burden; whether the functioning of this Regulation is inhibited by the lack of data or their suboptimal quality, including indicators on adverse impacts on sustainability factors by investee companies. Where information in Article 11(2) includes quantifications of principal adverse impacts on sustainability factors, that information may rely on the provisions of the regulatory technical standards adopted pursuant to Article 4(6) and (7). Update 2015-09—Financial Services—Insurance (Topic 944): Disclosures about Short-Duration Contracts ; Update 2015-08—Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff … Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (Text with EEA relevance) Publication metadata Download and languages Close. the results of the assessment of the likely impacts of sustainability risks on the returns of the financial products they make available. Where a financial market participant amends such information, a clear explanation of such amendment shall be published on the same website. Administrative Law, Property, Construction & Environment, Financial Reporting and Accounting Standards, Fund distribution and cross-border activities, Business development, Marketing and Communication. related financial disclosures that are useful in understanding companies’ material risks related to climate change. For the purposes of paragraph 1 of this Article, financial market participants may use the information in management reports in accordance with Article 19 of Directive 2013/34/EU or the information in non‐financial statements in accordance with Article 19a of that Directive where appropriate. As part of the European’s Commission’s Action Plan ‘Financing Sustainable Growth’, the Regulation (EU) 2019/2088 of the European Parliament and of the Council of on sustainability-related disclosures in the financial services sector was published on 9 December 2019 in the Official Journal of the European Union (the Disclosure Regulation). 2 talking about this. Regulation (EU) 2019/2088 of the European Parliament and of the Council Show full title. IORPs shall publish and maintain the information referred to in Articles 3 to 7 and the first subparagraph of Article 10(1), of this Regulation in accordance with point (f) of Article 36(2) of Directive (EU) 2016/2341. (2) Subject to subsections (3) and (4) and sections 9, 10 and 11, a person does not have access to a written disclosure filed by a … The ESAs shall update the regulatory technical standards in the light of regulatory and technological developments. The consideration of sustainability factors in the investment decision‐making and advisory processes can realise benefits beyond financial markets. This should be without prejudice to the application of provisions of national law transposing Directives 2014/65/EU and (EU) 2016/97, in particular the obligations on financial market participants and financial advisers as regards product governance, assessments of suitability and appropriateness, and the demands‐and‐needs test. In the absence of harmonised Union rules on sustainability‐related disclosures to end investors, it is likely that diverging measures will continue to be adopted at national level and different approaches in different financial services sectors might persist. Transparency of adverse sustainability impacts at financial product level. Financial Services Section Manager by no later than 15 July for each financial year ended 30 June. The Paris Agreement adopted under the United Nations Framework Convention on Climate Change (the ‘Paris Agreement’), which was approved by the Union on 5 October 2016 (3) and which entered into force on 4 November 2016, seeks to strengthen the response to climate change by, inter alia, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate‐resilient development. The disclosure rules contained in this Regulation should supplement the provisions of Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU, (EU) 2016/97 and (EU) 2016/2341, and Regulations (EU) No 345/2013, (EU) No 346/2013, (EU) 2015/760 and (EU) 2019/1238. 1. That report shall be made public and be transmitted to the European Parliament and to the Council. EBA, EIOPA and ESMA (collectively, the ‘ESAs’) should be mandated, through the Joint Committee, to develop draft regulatory technical standards to further specify the content, methodologies and presentation of information in relation to sustainability indicators with regard to climate and other environment‐related adverse impacts, to social and employee matters, to respect for human rights, and to anti‐corruption and anti‐bribery matters, as well as to specify the presentation and content of the information with regard to the promotion of environmental or social characteristics and sustainable investment objectives to be disclosed in pre‐contractual documents, annual reports and on websites of financial market participants in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010. Transparency of the promotion of environmental or social characteristics in pre‐contractual disclosures. financial disclosure statement Pursuant to subsection B of § 2.2-3114, members of all policy and supervisory boards, commissions, and councils in the executive branch and members of any designated board, commission, or council Those disclosures by means of periodic reports should be carried out annually. Harmonised rules on transparency would be applied by financial market participants, both in investment decisionthe making process and - the advisory process. The information referred to in paragraphs 1 and 2 of this Article shall be disclosed in the following manner: for AIFMs, in the disclosures to investors referred to in Article 23(1) of Directive 2011/61/EU; for insurance undertakings, in the provision of information referred to in Article 185(2) of Directive 2009/138/EC or, where relevant, in accordance with Article 29(1) of Directive (EU) 2016/97; for IORPs, in the provision of information referred to in Article 41 of Directive (EU) 2016/2341; for managers of qualifying venture capital funds, in the provision of information referred to in Article 13(1) of Regulation (EU) No 345/2013; for managers of qualifying social entrepreneurship funds, in the provision of information referred to in Article 14(1) of Regulation (EU) No 346/2013; for manufacturers of pension products, in writing in good time before a retail investor is bound by a contract relating to a pension product; for UCITS management companies, in the prospectus referred to in Article 69 of Directive 2009/65/EC; for investment firms which provide portfolio management or provide investment advice, in accordance with Article 24(4) of Directive 2014/65/EU; for credit institutions which provide portfolio management or provide investment advice, in accordance with Article 24(4) of Directive 2014/65/EU; for insurance intermediaries and insurance undertakings which provide insurance advice with regard to IBIPs and for insurance intermediaries which provide insurance advice with regard to pension products exposed to market fluctuations, in accordance with Article 29(1) of Directive (EU) 2016/97; for AIFMs of ELTIFs, in the prospectus referred to in Article 23 of Regulation (EU) 2015/760; for PEPP providers, in the PEPP key information document referred to in Article 26 of Regulation (EU) 2019/1238. It is therefore necessary to address existing obstacles to the functioning of the internal market and to enhance the comparability of financial products in order to avoid likely future obstacles. 7. Transparency of remuneration policies in relation to the integration of sustainability risks. Member States shall ensure that the competent authorities designated in accordance with sectoral legislation, in particular the sectoral legislation referred to in Article 6(3) of this Regulation, and in accordance with Directive 2013/36/EU, monitor the compliance of financial market participants and financial advisers with the requirements of this Regulation. Sustainable products with various degrees of ambition have been developed to date. Disclosure Counsel plays an important role as part of the financing team in a transaction. By way of derogation from paragraph 2 of this Article, Article 4(6) and (7), Article 8(3), Article 9(5), Article 10(2), Article 11(4), and Article 13(2) shall apply from 29 December 2019 and Article 11(1) to (3) shall apply from 1 January 2022. Available languages and formats. (7) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338). The ESAs shall, where relevant, seek input from the European Environment Agency and the Joint Research Centre of the European Commission. APRA is the prudential regulator of the Australian financial services industry and is a member of the Council of Financial Regulators. Bridging the gap between legal advice and its implementation. 2. 2. The sustainability risk assessments and related pre‐contractual disclosures by financial market participants should feed into pre‐contractual disclosures by financial advisers. On 24 October 2019, the Council of the EU published the texts it adopted at first reading for the: the Regulation on disclosures relating to sustainable investments and sustainability risks in the financial services sector ( the Disclosure Regulation ); and. As the Union is increasingly faced with the catastrophic and unpredictable consequences of climate change, resource depletion and other sustainability‐related issues, urgent action is needed to mobilise capital not only through public policies but also by the financial services sector. 1. Financial market participants should include on their websites information on those procedures and descriptions of the principal adverse impacts. However, such provisions should not impede the effective application of this Regulation or the achievement of its objectives. As part of the European’s Commission’s Action Plan ‘Financing Sustainable Growth’, the Regulation (EU) 2019/2088 of the European Parliament and of the Council of on sustainability-related disclosures in the financial services sector was published on 9 December 2019 in the Official Journal of the European Union (the Disclosure Regulation). New Disclosure Guide released for advice community. This is intended to ensure that the regulations are flexible enough to adapt to innovation. (6) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (OJ L 174, 1.7.2011, p. 1). The Financial Services Council (FSC) is a leading peak body which sets mandatory Standards and develops policy for more than 100 member companies in Australia’s largest industry sector, financial services. (10) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37). A sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause a negative material impact on the value of the investment, as specified in sectoral legislation, in particular in Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/65/EU, (EU) 2016/97, (EU) 2016/2341, or delegated acts and regulatory technical standards adopted pursuant to them. (18) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19). Nearly 800 public- and private-sector organizations have announced their support for the TCFD and its work, including global financial firms responsible for assets in excess of USD 118 trillion. Financial Markets Policy Building, Resources and Markets Ministry of Business, Innovation and Employment PO Box 1473 Wellington 6140 New Zealand faareview@mbie.govt.nz Submission: Disclosure requirements in the new financial advice regime This submission is from the Financial Services Council of New Zealand Incorporated (FSC). The exemption from this Regulation for financial advisers which employ fewer than three persons should be without prejudice to the application of the provisions of national law transposing Directives 2014/65/EU and (EU) 2016/97, in particular the rules on investment and insurance advice. Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof. In July 2011, the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC) announced new industry guidelines to standardise the disclosure of investment risk in superannuation funds. The publication of the Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‐related disclosures in the financial services sector (the “Regulation”) on 9 December 2019 marks a new milestone in the European Union’s journey towards a more sustainable financial sector and is a major step in the Action Plan. After transmission of the draft legislative act to the national parliaments. Welcome to the Financial Services Regulatory Authority of Ontario (FSRA). This Regulation aims to reduce information asymmetries in principal‐agent relationships with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts, the promotion of environmental or social characteristics, and sustainable investment, by requiring financial market participants and financial advisers to make pre‐contractual and ongoing disclosures to end investors when they act as agents of those end investors (principals).
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